The firm is quietly letting lots go. Rumors is over 5000 people. They are doing it very quietly and as such the press hasn’t gotten wind of it.
52 replies (most recent on top)
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This is being recirculated from last year
August 2024, why?
August 4 by Anonymous | no reactions | Reply
Post ID: @1kyx+1tOwQNPI
I agree…. I wrote this about three years ago.
Are you being paid to keep the traffic high on these forums. When my Adblocker does not work properly the number of ads that comes on this forum is incredible - like every 10 secs there is an ad.
So it does benefit someone to keep the traffic, even the hate loaded posts and name calling to show more ads.
Like this one :: a dead Aug 2024 post is being revived by the so-called Mr 42 to bait and increase the clicks
You may hate but do not encourage his posts
All of the whining amidst the lowest level of layoffs in well over 42 years.
I’ll never understand how people can panic about the micro layoffs which we have now.
We are at historically low layoffs… the lowest layoffs in 42 years.
@1kyx I'm not the OP but as far as I know the facts have not changed one iota. Company layoffs are continuing with the same great force and effect. Also, the manner in which the massive layoffs are occurring is insidious and exactly as the McKinsey playbook and strategy called for one year ago. If you need further clarification, just wait for the September 2025 4-day RTO impacts, continued HR policies with forced ranking mandates, increased separations without severance, elimination of work from home employees, and continued real estate holding closures and consolidations. Finally, the piece de resistance, is the continued ginormous offshoring of jobs and functions to other countries while trashing experienced higher cost US onshore resources. How could you possibly think the layoff concerns are not still relevant and truthful??
This is being recirculated from last year
August 2024, why?
The children who work (sometimes) have never seen a real layoff. Visualize, if you can, 10,000 to 15,000 people streaming out of One BNYM IN Pittsburgh Mellon three Mellon client Mellon CSC,Mellon 4. Cars stopped on Grant Street, due to thousands of employees perp walked out of the office, unable to collect their belongings, horribly treated like slaves.
The source is BK, the company for which you supposedly work, in their guidance to the street.
I think that maybe we need to restart those old Employee Engagement surveys
Talk about being disengaged!
Five thousand displacees is 10%. By historic standards this is not a very large number. Certainly a relatively small percentage by any and all historical measures. The Bank’s guidance was accurate and we should respect that.
Get out while you can. The company is going down hill big time. The current CEO has worked at other banks/organizations in which he was the driving factor to them closing or gone bankrupt. BNY is nothing but lies and falsehoods. As long as higher ups get their bonuses, they do not care about the lower staff that got them there. They should look at their management teams. Many claim they are for their people, but as many know, that’s a big fat lie. If they were about their people, they would fight for them, not against them to get rid of them
https://www.thelayoff.com/post/@lmey+1tOwQNPI
But the same agreement which you signed with sound mind, gives them the right to change it. You SIGNED it. You could and SHOULD have negotiated that those terms cannot be changed.
Refusing to adhere is o the company’s RTO policy is one thing. Getting let go because you’re older, your office is closing, etc is another. One is a firing, the latter is a layoff.
At the risk of stating the obvious, everything that the Bank has done has been on the up and up and there has been no sliding under the radar for anything. RTO noncompliance is being treated as self termination as well it should. Who in their right mind would expect to keep a job which they refuse to come to work to do?
Our millennials quite simply scare me with the lack of work ethic.
Would be great if the bank would honor their agreement from when they hired me
- match 401(k) contributions each pay
- provide the bonus percentage HR recruiter told me I would get which I have yet to come close to and when questioned it to my manager, they said they never give those percentages
- 37 1/2 hours work week in PIttsburgh, which is now 40
I could go on but you get the .42…. But you don’t even work here anymore so you’re not aware of many of these things
If freezing a few reqs frightens you then you’re seriously paranoid.
So, I suggest some self examination on why you refuse to honor the agreement for which you interviewed for and were hired to do. You’re just one more entitled person who feels that you can unilaterally rewrite your employment contract.
The bank tracked performance over the two COVID years… assume that you coasted from the sound of it? If not, where does your sense of entitlement come from?
The Warn Act is a paper tiger and won’t pay displaced employees one red cent. The best that you can do is to be layed off with SUB. Please don’t self destruct by terminating yourself by flouting RTO requirements. If that is important to you please focus on interviewing outside for a permanent remote position, and give it your all.
@lj
This is a welcome change. Our India resources led our virtualization projects and seriously improved our resiliency. It’s good to see India recognized.
This is well earned and may just save the Bank.
There is no way that the will be a 5,000 head layoff. That almost rivals a layoff in the 2000 to 2008 Layoff era, 10% per year, no exception.
It will be 500 people, take it to the Bank.
It’s been a very long time since a layoff rumor panned out. 5,000 is a ridiculous number. We haven’t had a layoff of even 1% is 540 people. I’m predicting 54 people max worldwide.
Not one warning has come true here in over a decade.
Resiliency & sourcing offfice
What is erso?
30 people in ERSO Wilmington just let go - announced on a 9:15 call
Australia hit hard with half of one team gone
Same in Australia a team was cut by half… most work moved to India
@6mfi We don’t even have phones at our desks anymore. They just recently installed 1 phone in the elevator lobby of each floor. Thank God, if there’s an emergency I can now run to the lobby to call out since the cell signal is terrible in there! They really don’t care about employees at non growth centers. Don’t understand why they don’t just let us stay home. They obviously don’t want to maintain it.
I got laid off from them 7 years ago, forcing me to take an early retirement. Didn’t even make it to 3 years. Overall, working for them was a complete nightmare, and they only seem to stay in business by constant layoffs.
I interviewed at Bank of New York back in the 90’s and I remember a manager telling me they were one of the only firms still requiring a suit and tie (as if this was a good thing). I also heard they were so cheap, 4 people had to share one office phone.
The real issue is them sliding under the radar with non-compliance issues like RTO to get rid of headcount, then none of that has to be reported as lay-offs which has been happening on a consistent basis all year long. Closing offices and moving employees jobs too far for them to travel, yet not offering remote because they’re “at capacity”. It’s brilliant and completely sketchy/sleazy at the same time!
Man sick of bny mellon hiring people from overseas and Manchester to run the USA operation. They are clueless
People’s… Get a grip.
We are now displacing less than 0.5% in each of the last three layoffs this year.
It is insignificant so stop worrying.
@1adm I've been saying for over a year that the board brought in Robin to slim down the bank for merger or acquisition.
If you work in the US and your position does not create revenue, then you should either be looking elsewhere or cutting expenses and hoping for a SUB package.
It's as simple as that. The captain of this ship does not care about anything but $.
Some of us will go quicker than others (i.e. your office has already closed, your team already has a small offshore presence that can quickly be beefed up, you are not in a strategic location, etc.). Pay attention to the cues and make the decision that works for you.
So glad I didn't get hired here. Everything happens for a reason. It wasn't my BNY season ...thank you!
Until Sep 19, 2024 the stress and anxiety of many BNY employees will go up - especially those who visit this site. They are the ones who are already feeling insecure and the sadists in this group just amplify it and having their fun.
If you can parse the statements here, everything is pure speculation or hearsay with embellished with their paranoia.
Hope they rot in h.ll
Di--head Derm wants 10 to 15 percent out the door by December.
Robin's puppet
“Bajaj Qutes and quadracycles”. WTAF are you talking about?
The Talent team had a fire drill on Friday to cancel all suspended roles to obtain a ‘real requisition’ count. People are leaving and not replaced. Several business lines have a freeze on hiring. This feels like the writing in the wall.
@1cfu - Okay, if you think 40 is an outrageous number - keep an eye on the directory next month. You're clueless, because this isn't exactly difficult to track.
I’m definitely getting the feeling Sept will be grim as well. I’ve never been so depressed because of it. I’ve pretty much felt safe up to now. I overheard several meetings from nearby groups where they were discussing ways to reduce expenses and were fighting about Sept layoff numbers. I haven’t heard official numbers though, so only time will tell. Offshore should be apart of this as they cause most of our issues and have a lot more people. No accountability.
@ngt+1tOwQNPI - you make sh-t up. Stop acting like cny is only location with layoffs. A couple sure. 40 is a lie clown